(Reuters) - LONDON, April 11 - Moody's Investors Service cut its ratings late on Tuesday on 44, mainly European banks after it revised its joint default analysis methodology, which had come under intense criticism in its original form. As expected, Icelandic banks Glitnir , Kaupthing and Landsbanki received three-notch cuts to Aa3 from Aaa. Twelve banks were downgraded by two notches and the remainder by just one notch.
Moody's decision to upgrade the three Icelandic banks to triple-A late in February -- upgrades of four or five notches -- based on the potential for government support under the new methodology had sparked derision by analysts and concern among investors.
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